The Learning Curve

New tricks for an old dog.

How much gold is in Ft. Knox?

The United States Treasury issues monthly reports on the amount of gold held in U. S. Mint deep storage vaults, in Federal Reserve bank vaults, and on display at Federal Reserve banks.  Going back to January, 2009, these monthly Treasury reports are available online, and are called the Gold Report. These are the only government reports I’ve seen where, except for the date, the numbers don’t change.

The United States government holds 261,498,899.316 Troy ounces of fine gold in the form of bullion (fine gold) or coin (alloyed gold). The terminology can be confusing. The word ‘bullion gold’ does not mean gold bars or ingots, it means gold in its pure form. Likewise, ‘coin gold’ does not mean gold in the form of circular disks. Coin gold refers to a mixture of gold and other metals, usually silver or copper, that is harder and more durable than pure gold. Coin gold is the name of the alloy used to make gold coins intended for circulation, where it is passed from hand to hand and needs to withstand wear. Gold coins can also be made of pure gold and are called bullion coins.

The form of gold held by the U. S. Treasury is 258,641,851.485 Troy ounces of bullion gold and 2,857,047.831 Troy ounces of fine gold in coin gold alloy.

Although the majority of U. S. owned gold is held at the Mint operated Ft. Knox, Kentucky, depository (147,341,858.382 Troy ounces), there are also deep vault storage locations in Denver, Colorado, (43,853,707.279 Troy ounces) and West Point, New York, (54,067,331.379 Troy ounces). The U. S. Mint holds an additional 2,783,218.656 Troy ounces of fine gold in the form of coins, blanks and working stock at various other locations. The Federal Reserve holds 13,452,783.620 Troy ounces of gold in its New York City vault, with a small amount used for display.

At today’s market price of $1,666 per Troy once of fine gold, the United State’s gold reserve is worth $435,657,166,260.46.

About these ads

Written by Tom Fox

08/03/2011 at 6:42 am

Follow

Get every new post delivered to your Inbox.

%d bloggers like this: